My Family and My Business: How Do I Manage Both?
“The normal business is family-run,” recalls Christine Blondel, researcher at Insead.
Reconciling family and business offline is often not easy, especially when the business is yours. Because it would be necessary to find time for each activity of your children, to spend time with joint vote, to answer the calls of your collaborators who have difficulty in managing unforeseen events and all in the daily life of a single person.
The miracle recipe is to mix the two together: Educating your family on entrepreneurship creates such strong links!
Depending on the country, 60 to 95% of businesses are family owned. 60% of companies in France. From 75 to 80% in the United States, where family business is downright an institution : management magazines with a large circulation are specially devoted to it.
Working as a family will allow you to exploit the strengths of each member of your family: you will have the vision of a potential buyer through the eyes of your children, an important marketing tool that will be the wife, a passionate accountant will be played by the husband and the teenager will know how to gauge the credibility of your company’s offers.
The family works mainly with its own capital. This empowers the members and allows few management errors.
Each of the parties will be winners. This does not exclude that we will have to manage crises together. When the parental couple is in a dilemma, it will be difficult for them to manage the business together or when the money has been badly accounted for, the children will be likely to lose confidence in their father. But that’s not a big deal, because to weld you need a lot of ups and downs.
Several family businesses today are the most profitable in the world, for example:
– NOVARTIS : Today, the descendants of Edouard Sandoz (who founded the company Sandoz in 1886) own a large quantity of Novartis shares. The Sandoz Family Foundation is the company’s largest shareholder.
– FACEBOOK : Mark Zuckerberg brought his family to his Facebook empire. Her older sister Randi Zuckerberg was a marketing executive at Facebook before leaving to start her own business. Mark Zuckerberg also gave his father some Facebook shares to thank him for providing him with some cash during the early years of the business.
– VOLKSWAGEN: The members of Piëch-Porsche are descendants of Ferdinand Porsche, founder of the automobile company Porsche. Today, at least five family members sit on Volkswagen’s board of directors. Volkswagen subsidiaries include Porsche, Audi, Bentley, Bugatti and Lamborghini.